[172 Pages Report] The smart hospitality market is estimated to grow from USD 5.74 Billion in 2016 to USD 18.11 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.8%. The base year considered for the study is 2015 and the market size forecast is from 2016 to 2021.

Objectives of the study:

To define, describe, and forecast the smart hospitality market on the basis of five regions, namely, North America; Europe; Asia-Pacific (APAC); Middle East and Africa (MEA); and Latin America.

To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges).

To strategically analyze each subsegment with respect to individual growth trends, future prospects, and contributions to the total market.

To analyze the opportunities in the market for stakeholders by identifying high-growth segments of the market.

To strategically profile key players of the market and comprehensively analyze their core competencies in the market.

To track and analyze competitive developments, such as new product launches; mergers & acquisitions; and partnerships, agreements, and collaborations in the global market.

The research methodology used to estimate and forecast the smart hospitality market begins with capturing data on key vendor revenues and the market size of the individual segments through secondary sources, such as EEE robotics & automation society, Continental Automated Buildings Association (CABA), American Hotel & Lodging Association (AH&LA), International Hotel & Restaurant Association (IHRA), and British Hospitality Association (BHA). The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global smart hospitality market from the individual technology segment. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with the key industry personnel, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of profiles of primary discussion participants is depicted in the figure below:

The research report categorizes the smart hospitality market to forecast the revenues and analyze the trends in each of the following subsegments:

By Software

Hotel operation management system

Staff mobility and workforce management

Inventory and logistics management

Revenue management

Integrated security system

Video surveillance system

Access control system

Emergency incident management system

Hotel building automation system

Energy management platforms

Facility management system

Guest service management system

Centralized reservation system

Room automation and control system

Guest experience management system

Integrated communication technology solutions

Network management system

Unified communications and collaboration

Mobile device management

By Service

Professional service

Consulting service

System integration and deployment

Support and maintenance

Managed service

By Hotel Type

Business hotel

Heritage and boutique hotel

Resorts and spas

Others

By Deployment Model

On-premises

On-demand

By Region

North America

Europe

APAC

MEA

Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customization as per the companys specific requirements. The following customization options are available for the report:

Geographic Analysis

Further country level breakdown of the North American smart hospitality market

Further country level breakdown of the European market

Further country level breakdown of the APAC market

Further country level breakdown of the MEA market

Further country level breakdown of the Latin American market

Company Information

Detailed analysis and profiling of additional market players

The smart hospitality market size is expected to grow from USD 5.74 Billion in 2016 to USD 18.11 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.8%. The major drivers for upsurge in demand for smart hospitality software and services include growing demand for real-time optimized guest experience management, luring revenue generation & low operational costs, and increasing adoption of Internet of Things (IoT) and energy management systems.

The scope of this report covers the smart hospitality market analysis by software, service, hotel type, deployment model, and region. The managed services segment is expected to grow at the highest CAGR during the forecast period. Managed services support the implementation of smart hospitality solutions across hotels.

The guest service management system is expected to grow at the highest CAGR during the forecast period due to the rise in digitization across the globe. The smart solutions enable the administrator to control the guest room by automating the temperature, lights, curtains, and other indoor components while monitoring the security & safety infrastructure and managing the outdoor components, such as parking premises, water management, waste management, inventory, and network infrastructure.

Business hotels are expected to grow at the highest CAGR during the forecast period. Business hotels primarily serve business travelers; however, many tour groups, individual tourists, and small conference groups find these hotels attractive. Business hotels provide their guests with unified communication capabilities that enable the guests to conduct meetings, conferences, and connect to associates around the world. In addition, these hotels deploy various building automation and mobile device-enabled technologies to provide a mesmerizing experience to the guests.

On-demand deployment model is expected to grow at the highest CAGR during the forecast period. On-demand deployment model, also referred to as Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS), enables hotels to deploy their software and services on a virtual environment. Cloud-based deployment smart hospitality software reduces the cost associated with purchasing, servicing, and powering of server-class machines. The subscription model enables the scalability for end-users with a low cost of ownership. It also ensures the integrity of data back-up while reducing the risk of expensive security breaches.

As per the geographic analysis, Europe is expected to benefit from its technological advancements, robust internet infrastructure, and widespread adoption of new technologies. The need for better operational efficiency at a low operating cost is expected to bring about continuous growth in the smart hospitality market.